IMF Will Continue to Work with Government to Stabilize Economy

The International Monetary Fund is continuing talks with Argentina as authorities there try to stem spiraling economic problems in Latin America’s third-largest economy, IMF spokesman Gerry Rice told reporters on Thursday.

He said senior Argentine and IMF officials would meet in Washington later this month, noting that complex market conditions and policy uncertainty made the situation more difficult.

Argentina has spent $15 billion in foreign reserves over the last month to stabilize its peso, which crashed along with the country’s bonds after Peronist Alberto Fernandez trounced market-friendly President Mauricio Macri in a primary election.

Fernandez has pledged, if elected, to rework a $57 billion credit line Argentina hammered out with the IMF last year to avoid defaulting on foreign debt as it grappled with soaring inflation and a weak peso.

via Reuters

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